|In CHF million, except where indicated||2018||2017||Change|
|Net revenue 1||11,714||11,662||0.4%|
|Operating income before depreciation and amortisation (EBITDA) 1||4,213||4,295||–1.9%|
|EBITDA as % of net revenue||36.0||36.8|
|Operating income (EBIT)||2,069||2,131||–2.9%|
|Earnings per share (in CHF)||29.48||30.31||–2.7%|
|Operating free cash flow||1,745||2,159||–19.2%|
|Capital expenditure in property, plant and equipment and intangible assets||2,404||2,378||1.1%|
|Net debt at end of year||7,393||7,447||–0.7%|
|Full-time equivalent employees at end of year (number)||19,845||20,506||–3.2%|
1 Swisscom has applied IFRS 15 “Revenue from Contracts with Customers” since 1 January 2018. The prior year’s figures have not been adjusted. If IFRS 15 had not been applied, net revenue in 2018 would be CHF 5 million lower and EBITDA CHF 43 million higher.
For 2019, Swisscom expects net revenue of around CHF 11.4 billion, EBITDA of over CHF 4.3 billion and capital expenditure of around CHF 2.3 billion. Subject to achieving its targets, Swisscom will propose payment of an unchanged attractive dividend of CHF 22 per share for the 2019 financial year at the 2020 Annual General Meeting.